On August 21, 2024, Tether revealed plans to introduce a new stablecoin that will be pegged to the United Arab Emirates Dirham (AED). This dirham-pegged token will join Tether’s extensive lineup of stablecoins that currently include USDT, EURT, CNHT, MXNT, XAUT, and aUSDT. The launch is being made in partnership with Phoenix Group PLC, a multi-billion dollar technology conglomerate based in the UAE, and is supported by Green Acorn Investments Limited. Additionally, the new digital currency is seeking to obtain a license under the UAE Central Bank’s recent Payment Token Services Regulation.
Dirham-pegged stablecoin offers stability and efficiency
The dirham-pegged stablecoin is fully backed by domestic liquidity reserves in the UAE and is a digital representation of the UAE dirham. Like other Tether products, the stablecoin adheres to strict reserve standards, ensuring that each dirham-pegged token is equivalent to the AED. This structure is designed to provide a high level of stability, transparency and trust for users who want the benefits of transacting in AED digitally.
Users of this upcoming stablecoin will be able to access the benefits of the dirham efficiently and at a lower cost, while leveraging the transparency and speed offered by blockchain technology. The new digital asset is expected to streamline international trade and remittances, reduce fees associated with transactions, and provide a hedge against fluctuating currencies. In doing so, it will play a vital role in the UAE’s financial infrastructure, benefiting both local and international users.
Tether CEO highlights importance of dirham-pegged stablecoin
Tether CEO Paolo Ardoino was excited about the launch, saying:
“We are pleased to announce this initiative to develop a dirham-pegged stablecoin for Tether, which complements our existing stablecoin offering. The UAE is emerging as a significant player in the global economy and we believe our users will find great value in this dirham-pegged token. This stablecoin will be an essential tool for businesses and individuals looking for a safe and effective way to transact in the UAE dirham, including for cross-border payments, trade and diversifying their digital portfolios.”
The stablecoin sector has grown significantly, with the global market now worth approximately $150 billion. Of that, Tether’s USDT accounts for over $115 billion, and the industry is expected to expand further, potentially reaching $2.8 trillion by 2028. Cryptocurrency adoption in the UAE has increased significantly since 2022, mainly due to the establishment of the Virtual Asset Regulatory Authority, the world’s first independent cryptocurrency regulatory body. This supportive regulatory environment, especially in cities such as Dubai and Abu Dhabi, has helped these cities cement their position as global hubs for blockchain innovation and digital assets.
Seyyed Mohammad Alizadefard, co-founder and group CEO of Phoenix Group, expressed his enthusiasm for the collaboration: “We are excited to work with Tether to bring to market a stablecoin pegged to the UAE dirham, which we believe will be transformative for the digital economy in the region and beyond,” he said. Alizadefard also emphasized that the collaboration strengthens the company’s efforts to provide innovative financial solutions to its clients, stressing that Abu Dhabi’s forward-thinking approach to blockchain and digital assets has created an ideal environment for such efforts.
The partnership marks a major step towards elevating the UAE’s position in the world of digital finance. The dirham-pegged stablecoin is expected to provide businesses and consumers with more efficient tools to manage digital assets, cross-border transactions and international trade, while benefiting from the safety and stability of the UAE’s national currency.
Tether to develop stablecoin pegged to the UAE dirham
More details here: https://t.co/dkiDAI0y15
— Tether (@Tether_to) August 21, 2024
Pepe Unchained: A new meme coin with huge growth potential
The name Pepe is synonymous with meme coins, and now a new project is making waves in this space: Pepe Unchained. This innovative meme project is presented as a more evolved and improved version of the original Pepe project. With a story centered around the mascot Pepe and breaking away from outdated technology, Pepe Unchained positions itself as a rebellious and refreshing approach to the meme coin phenomenon.
The story behind Pepe Unchained imagines that Pepe was originally locked away in an old, slow Layer 1 server room. But with a “giga brain plan,” the mascot envisions a future with his own chain, developing a Layer 2 solution built on the Ethereum network. This technology shift represents an evolution, moving beyond the limitations of the original project to embrace a more efficient and scalable future.
More than simply representing a new meme coin on the market, Pepe Unchained aims to stand out by leveraging Layer 2 technology. This tech upgrade will enable faster transaction speeds and reduced costs, differentiating it from traditional blockchain transactions. By becoming the first Pepe-themed token with its own dedicated chain, the project aims to blend enhanced functionality with the iconic popularity that defined the original Pepe project, making it an attractive choice for investors and enthusiasts.
One of the highlights of the project is that it offers a staking option for presale investors. This feature makes Pepe Unchained an attractive investment opportunity, especially since the project has unveiled a structured roadmap. The roadmap outlines three key steps, each of which aims to push the limits of what a meme coin can achieve, whether it coexists with or surpasses its predecessor.
In addition to technological advancements, Pepe Unchained utilizes a playful and tongue-in-cheek approach to challenge the status quo in the cryptocurrency industry. This entertaining and strategic method helps to capture attention and generate interest by utilizing meme-driven tactics that have historically proven successful in attracting a wide audience. Currently in its presale phase, the project has introduced the PEPU token, which promises a variety of use cases and great potential. As a result, it has earned its place as one of the best cryptocurrencies to consider buying at the moment.
Visit Pepe Unchained Presale
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